ETITECH (0118) - Zenith Set To Be Key ETI Tech Shareholder
CORPORATE MANOEUVRING: Zarul Ahmad said to be appointed executive chairman this week.
ZENITH Construction Sdn Bhd, which is undertaking the RM6.3 billion Penang undersea tunnel project, is set to emerge as a substantial shareholder in ETI Tech Corp Bhd this week.
It is learnt that the company’s major shareholder, Datuk Zarul Ahmad Zulkifli, will be appointed as ETI Tech executive chairman.
Business Times reported recently that ETI Tech, which is controlled by AirAsia Bhd’s Datuk Kamarudin Meranun, is likely to be a reverse takeover (RTO) target of Zenith.
Hong Leong Investment Bank Bhd and M&A Securities Sdn Bhd are the two merchant bankers involved in the RTO.
Zenith director Zarul Ikhwan Zarul Ahmad had recently been evasive about the corporate manoeuvring in ETI Tech.
At a press conference more than a week ago, Zarul Ikhwan said he is leaving it to the board of ETI Tech to decide on its participation in the company.
ETI Tech deals in research and development, design and marketing of battery management system for rechargeable energy storage solutions.
Zarul Ikhwan and his immediate boss Datuk Mohamad Amin Mohamad Salleh were also recently appointed to the ETI Tech board.
He was appointed executive director while Mohamad Amin, former chief of government-owned Syarikat Perumahan Negara Bhd, was appointed non-executive director.
Speculation on why Zarul Ikhwan was made executive director mostly centred on blood ties. His father, Zarul Ahmad, is also chairman of Zenith BUCG Sdn Bhd.
Zarul Ikhwan had said ETI Tech will be looking to get some of the undersea tunnel project jobs from Zenith BUCG, in its bid to diversify into construction.
ETI Tech recently won a RM70 million contract to build 500 apartment units in Kedah.
http://www.malaysiandigest.com
CORPORATE MANOEUVRING: Zarul Ahmad said to be appointed executive chairman this week.
ZENITH Construction Sdn Bhd, which is undertaking the RM6.3 billion Penang undersea tunnel project, is set to emerge as a substantial shareholder in ETI Tech Corp Bhd this week.
It is learnt that the company’s major shareholder, Datuk Zarul Ahmad Zulkifli, will be appointed as ETI Tech executive chairman.
Business Times reported recently that ETI Tech, which is controlled by AirAsia Bhd’s Datuk Kamarudin Meranun, is likely to be a reverse takeover (RTO) target of Zenith.
Hong Leong Investment Bank Bhd and M&A Securities Sdn Bhd are the two merchant bankers involved in the RTO.
Zenith director Zarul Ikhwan Zarul Ahmad had recently been evasive about the corporate manoeuvring in ETI Tech.
At a press conference more than a week ago, Zarul Ikhwan said he is leaving it to the board of ETI Tech to decide on its participation in the company.
ETI Tech deals in research and development, design and marketing of battery management system for rechargeable energy storage solutions.
Zarul Ikhwan and his immediate boss Datuk Mohamad Amin Mohamad Salleh were also recently appointed to the ETI Tech board.
He was appointed executive director while Mohamad Amin, former chief of government-owned Syarikat Perumahan Negara Bhd, was appointed non-executive director.
Speculation on why Zarul Ikhwan was made executive director mostly centred on blood ties. His father, Zarul Ahmad, is also chairman of Zenith BUCG Sdn Bhd.
Zarul Ikhwan had said ETI Tech will be looking to get some of the undersea tunnel project jobs from Zenith BUCG, in its bid to diversify into construction.
ETI Tech recently won a RM70 million contract to build 500 apartment units in Kedah.
http://www.malaysiandigest.com
